HDSN vs. STLD

Last updated Jun 3, 2026

HDSN (Hudson Technologies, Inc.) and STLD (Steel Dynamics, Inc.) are both stocks. Both are in the Basic Materials sector — HDSN in Specialty Chemicals, STLD in Steel. Over the past 10 years, HDSN returned 4.36%/yr vs 29.38%/yr for STLD. At a 0.11 correlation, their price movements are largely independent.

Performance

HDSN vs. STLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hudson Technologies, Inc. (HDSN) and Steel Dynamics, Inc. (STLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HDSN achieves a -22.63% return, which is significantly lower than STLD's 60.67% return. Over the past 10 years, HDSN has underperformed STLD with an annualized return of 4.36%, while STLD has yielded a comparatively higher 29.38% annualized return.

HDSN

• 1D: 1.15%
• 1M: -15.20%
• YTD: -22.63%
• 6M: -27.50%
• 1Y: -25.40%
• 3Y*: -16.82%
• 5Y*: 11.39%
• 10Y*: 4.36%

STLD

• 1D: 3.75%
• 1M: 18.38%
• YTD: 60.67%
• 6M: 62.89%
• 1Y: 102.70%
• 3Y*: 42.63%
• 5Y*: 35.49%
• 10Y*: 29.38%

*Multi-year figures are annualized to reflect compound growth (CAGR)

HDSN vs. STLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HDSN Hudson Technologies, Inc.	-22.63%	22.76%	-58.64%	33.30%	127.93%	307.34%	11.51%	9.83%	-85.34%	-24.22%
STLD Steel Dynamics, Inc.	60.67%	50.70%	-1.99%	22.75%	60.14%	71.42%	12.46%	16.78%	-29.02%	23.34%

Correlation

The correlation between HDSN and STLD is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.35
Correlation (10Y) Calculated over the trailing 10-year period	0.24
Correlation (All Time) Calculated using the full available price history since Nov 25, 1996	0.11

Over the past year, HDSN and STLD have become more correlated (0.34) than their long-term average of 0.11, meaning their price movements have been converging.

Fundamentals

Market Cap HDSN : $225.65M STLD : $39.30B
EPS HDSN : $0.32 STLD : $9.33
PE Ratio HDSN : 16.38 STLD : 29.08
PS Ratio HDSN : 0.93 STLD : 2.10
PB Ratio HDSN : 0.95 STLD : 4.29
Total Revenue (TTM) HDSN : $251.42M STLD : $19.01B
Gross Profit (TTM) HDSN : $61.88M STLD : $2.66B
EBITDA (TTM) HDSN : $22.33M STLD : $2.23B

Return for Risk

HDSN vs. STLD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HDSN

HDSN Risk / Return Rank: 20
HDSN Sharpe Ratio Rank: 17
HDSN Sortino Ratio Rank: 20
HDSN Omega Ratio Rank: 18
HDSN Calmar Ratio Rank: 23
HDSN Martin Ratio Rank: 23

STLD

STLD Risk / Return Rank: 93
STLD Sharpe Ratio Rank: 94
STLD Sortino Ratio Rank: 93
STLD Omega Ratio Rank: 91
STLD Calmar Ratio Rank: 93
STLD Martin Ratio Rank: 95

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

HDSN vs. STLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hudson Technologies, Inc. (HDSN) and Steel Dynamics, Inc. (STLD). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	HDSN	STLD	Difference
Sharpe ratio Return per unit of total volatility	-0.54	3.11	-3.65
Sortino ratio Return per unit of downside risk	-0.46	3.79	-4.25
Omega ratio Gain probability vs. loss probability	0.93	1.45	-0.52
Calmar ratio Return relative to maximum drawdown	-0.48	6.08	-6.56
Martin ratio Return relative to average drawdown	-0.90	20.16	-21.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HDSN vs. STLD - Sharpe Ratio Comparison

The current HDSN Sharpe Ratio is -0.54, which is lower than the STLD Sharpe Ratio of 3.11. The chart below compares the historical Sharpe Ratios of HDSN and STLD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HDSN	STLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.54	3.11	-3.65
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.20	0.94	-0.74
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.06	0.75	-0.69
Sharpe Ratio (All Time) Calculated using the full available price history	-0.01	0.35	-0.36

Drawdowns

HDSN vs. STLD - Drawdown Comparison

The maximum HDSN drawdown since its inception was -98.81%, which is greater than STLD's maximum drawdown of -87.05%. Use the drawdown chart below to compare losses from any high point for HDSN and STLD.

Drawdown Indicators

	HDSN	STLD	Difference
Max Drawdown Largest peak-to-trough decline	-98.81%	-87.05%	-11.76%
Max Drawdown (1Y) Largest decline over 1 year	-53.64%	-20.33%	-33.31%
Max Drawdown (3Y) Largest decline over 3 years	-67.65%	-28.66%	-38.99%
Max Drawdown (5Y) Largest decline over 5 years	-67.65%	-32.20%	-35.45%
Max Drawdown (10Y) Largest decline over 10 years	-96.72%	-68.46%	-28.26%
Current Drawdown Current decline from peak	-79.72%	0.00%	-79.72%
Average Drawdown Average peak-to-trough decline	-83.36%	-33.30%	-50.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.75%	6.13%	+22.62%

Volatility

HDSN vs. STLD - Volatility Comparison

Hudson Technologies, Inc. (HDSN) has a higher volatility of 23.70% compared to Steel Dynamics, Inc. (STLD) at 9.94%. This indicates that HDSN's price experiences larger fluctuations and is considered to be riskier than STLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HDSN	STLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.70%	9.94%	+13.76%
Volatility (6M) Calculated over the trailing 6-month period	34.30%	24.86%	+9.44%
Volatility (1Y) Calculated over the trailing 1-year period	47.18%	34.69%	+12.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	57.60%	38.04%	+19.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	78.63%	39.32%	+39.31%

Dividends

HDSN vs. STLD - Dividend Comparison

HDSN has not paid dividends to shareholders, while STLD's dividend yield for the trailing twelve months is around 0.75%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HDSN Hudson Technologies, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
STLD Steel Dynamics, Inc.	0.75%	1.18%	1.61%	1.44%	1.39%	1.68%	2.71%	2.82%	2.50%	1.44%	1.57%	3.08%

Financials

HDSN vs. STLD - Profitability Comparison

The chart below illustrates the profitability comparison between Hudson Technologies, Inc. and Steel Dynamics, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

HDSN - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Hudson Technologies, Inc. reported a gross profit of 11.85M and revenue of 60.15M. Therefore, the gross margin over that period was 19.7%.

STLD - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Steel Dynamics, Inc. reported a gross profit of 763.22M and revenue of 5.20B. Therefore, the gross margin over that period was 14.7%.

HDSN - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Hudson Technologies, Inc. reported an operating income of 1.46M and revenue of 60.15M, resulting in an operating margin of 2.4%.

STLD - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Steel Dynamics, Inc. reported an operating income of 538.00M and revenue of 5.20B, resulting in an operating margin of 10.3%.

HDSN - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Hudson Technologies, Inc. reported a net income of 330.00K and revenue of 60.15M, resulting in a net margin of 0.6%.

STLD - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Steel Dynamics, Inc. reported a net income of 403.44M and revenue of 5.20B, resulting in a net margin of 7.8%.

Frequently Asked Questions

Can I hold both HDSN and STLD in my portfolio?

HDSN and STLD have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HDSN or STLD?

HDSN has higher volatility (23.70%) compared to STLD (9.94%). In terms of maximum drawdown, HDSN dropped -98.81% vs STLD's -87.05%.

Which has better risk-adjusted returns?

STLD currently has the higher Sharpe Ratio (3.11 vs -0.54), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.